Redstone Federal Credit Union has announced additional financial assistance to members, including small business members, who have been impacted by COVID-19.
In addition, funds provided by Redstone to the North Alabama Revolving Loan Fund, a nonprofit subsidiary of Neighborhood Concepts Inc., will provide emergency loans to small businesses to help them survive the economic downturn caused by the coronavirus.
Redstone is offering its individual members:
• Payment deferrals
• Fee waivers, and other assistance for auto and signature loans on an individual basis
• Emergency loans, such as the Payday Loan Alternative or the Stretch and Save Loan
• Skip-A-Pay on auto and signature current loans
• Suspending automobile repossessions or mortgage foreclosures through April 30
• Waivers on all early withdrawal penalties on share certificates and money market accounts through April 30
Members who have difficulty paying their mortgage may be eligible for interest-only payments or loan modifications.
“We understand that these are unprecedented times for us. However, we want our members and our communities to know that we are here for them,” Joe Newberry, Redstone’s president and CEO, said. “At Redstone, we are committed to doing everything we can to support our members affected by the coronavirus and helping them get back on their feet.”
Members are asked to call Redstone at 800-234-1234 to discuss their specific issues.